403(b)s and 10b-10

[Felicia]

I am somewhat familiar with SEC rules as they relate to employee benefits. Therefore, any guidance you can provide would be helpful.

SEC 10b-10(b) permits quarterly statements for investment company plans. One of the requirements under the definition of an investment company plan is to "advise each customer in the group if a payment is not received from the designated person on behalf of the group within 10 days of a date certain specified in the arrangement for delivery of that payment by the designated person and thereafter to send to each such customer the writen notification described in paragraph (a) for the next three succeeding payments."

Under 403(b) plans there is no date certain specified. There is some IRS and DOL guidance on when contributions should be made, but no date certain. The date seems to depend on the respective employers/TPA. Does this mean that the 10-day notification rule does not apply to 403(b) arrangements?

If it does apply, does this notice need to be sent by the vendor to participants who had been notified by their employers that future contributions will not be made to that vendor?

If a participant voluntarily changes vendors for future contributions, is he/she still a customer and therefore required to receive notice that the vendor did not receive contributions for him/her?

I did see some old (pre-final 403(b) regulations) no-action letters from the SEC. Could not find anything recent. In the prior requests vendors proposed getting around the 10 day rule by putting legends on their statements. This approach was approved by the SEC. But, I have not been able to find those legends on recent statements. What, if anything, has changed so that they are no longer required?

Thanking you in advance for your thoughts.